Sonya is employed at a stock brokerage firm where she earns $25 per hour. The office she works at is located downtown. To get to work each day, she must either ride a series of buses that takes one-and-a-half hours at a cost of $2, or take a cab that takes 30 minutes and costs $20. Assuming she goes to work, the opportunity cost
Ans)of riding the bus is $27, and taking the cab is $20.

Given that the supply curve for widgets is P = 2Q, then the price elasticity of supply is
Ans)1

The more inelastic is supply the ______ is the burden of tax borne by ______.
Ans)smaller; consumers and producers

If the monopolist's demand curve is P = 70 - 14Q, then the slope of her marginal revenue curve is
Ans)-28

If, after an externality is corrected, the equilibrium price rises and the equilibrium quantity falls, the externality must have been a(n)
Ans)external cost.

Any kind kind souls who know economics wanna explain to me WHY?

♥ 12:19 PM